Member access

4-Traders Homepage  >  Shares  >  London Stock Exchange  >  Wm. Morrison Supermarkets plc    MRW   GB0006043169

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Wm. Morrison Supermarkets plc : Morrison's Profit Pressured by Tough Christmas

01/09/2014 | 04:06am US/Eastern

LONDON--Morrison Supermarkets PLC (MRW.LN) said Thursday that full-year profit would be at the low end of market expectations as customers cut spending over the Christmas period and it was hit by its continuing absence from the online market.

"In a very tough market our sales performance over Christmas was disappointing. However we are firmly focused on driving our core business and accelerating our penetration of the fast growing channels," Chief Executive Dalton Philips said.

In the six weeks ended Jan. 5, the U.K. supermarket chain's total sales excluding fuel were down by 1.9%. With fuel included, the figure was 3.3%. Like-for-like sales were down 5.6%, excluding fuel and 7.1% including fuel.

Analysts' forecasts put Morrison's full-year underlying profit in the range of 783 million pounds ($1.29 billion) to GBP853 million, giving a consensus figure of GBP812 million, according to data compiled by the company.

In spite of a tough market, Morrison's insisted that its profit outlook was "resilient."

It said difficult conditions were intensified by the growing importance of online and convenience shopping, where Morrison is under-represented, and by targeted couponing, which was particularly prevalent this Christmas.

The company has 85 convenience stores and aims to have 200 by the end of 2014-15, while its online food operation is ready to launch, it said.

Morrison's shares closed Wednesday at 254 pence, giving the company a market value of GBP5.94 billion.

Write to Digby Larner at

Recommend :
React to this article
4d ago WM MORRISON SUPERMARKETS : *exane bnp cuts morrison price target to 155 (175) pe..
6d ago WM MORRISON SUPERMARKETS : *barclays cuts morrison price target to 165 (180) pen..
7d agoDJEUROPE MARKETS : Russian Stocks Stumble Again; German DAX Also Hit
7d ago Tesco ditches CEO for Unilever man after profit warning
07/21DJEUROPE MARKETS : European Stocks Fall As Ukraine-Russia Tensions Weigh
07/21DJEUROPE MARKETS : Russian Stocks Slump As Ukraine Tensions Persist
07/14 WM MORRISON SUPERMARKETS : Morrisons sells Kiddicare business to Endless
07/11 WM MORRISON SUPERMARKETS : Morrisons wins Rural Action Award at this year’..
07/10 WM MORRISON SUPERMARKETS : Holding(s) in Company
07/09 Curtain comes down on Sainsbury's King era
Duration : Period :
Wm. Morrison Supermarkets  Technical Analysis Chart | MRW | GB0006043169 | 4-Traders
Income Statement Evolution
Wm. Morrison Supermarkets  : Income Statement Evolution
More Financials
Dynamic quotes